MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Correct Name : |
MASTURLAL FABRICHEM PRIVATE LIMITED |
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Registered Office : |
Flat No.9, 180, Shreyas Building, 1st Floor, Madam Cama Road,
Nariman Point, Mumbai-400020, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
01.04.1991 |
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Com. Reg. No.: |
11-61001 |
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CIN No.: [Company
Identification No.] |
U17120MH1991PTC061001 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM07725E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Fibre Bags |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Flat No.9, 180, Shreyas Building, 1st Floor, Madam Cama
Road, Nariman Point, Mumbai-400020, Maharashtra, India |
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Tel. No.: |
91-22-22027021/ 1039 |
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Telefax No.: |
91-22-22873412 |
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E-Mail : |
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Factory 1 : |
328-329, Abhishek Complex, Akshar Chowk, Old Padra Road,
Baroda-390020, |
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Tel. No.: |
91-265-333298 |
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Telefax No.: |
91-265-331442 |
DIRECTORS
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Name : |
Mr. Brijmohan M Mehta |
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Designation : |
Chairman |
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Address : |
2, Shivprasad, 97, |
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Date of Birth/Age : |
07.01.1924 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Mr. Ashesh B Masturlal |
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Designation : |
Managing Director |
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Address : |
2, Shivprasad, 97, |
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Date of Birth/Age : |
23.06.1949 |
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Date of Appointment : |
01.04.1991 |
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Name : |
Mrs. Avani A Masturlal |
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Designation : |
Director |
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Address : |
2, Shivprasad, 97, |
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Date of Birth/Age : |
07.04.1952 |
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Date of Appointment : |
01.04.1991 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
Percentage of
Holding |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Fibre Bags |
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Products : |
Filter Bags |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Bags |
Million Nos. |
100000 |
100000 |
60715 |
GENERAL INFORMATION
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No. of Employees : |
About 25 |
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Bankers : |
The Saraswat Co-operative Bank Limited, |
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Facilities : |
Secured Loans
(As on 31.03.2004) : (Rs.
In millions)
Unsecured
Loans :
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M V Krishnamorthy Chartered Accountants |
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Address : |
15, Srivalli, Rifle Range, Ghatkopar (West), Mumbai-400086, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000 |
Equity Shares |
Rs.100/- each |
Rs.3.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.000 |
3.000 |
3.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.944 |
4.310 |
4.348 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.944 |
7.310 |
7.348 |
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LOAN FUNDS |
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1] Secured Loans |
8.739 |
9.684 |
8.933 |
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2] Unsecured Loans |
7.458 |
8.245 |
8.030 |
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TOTAL BORROWING |
16.197 |
17.929 |
16.963 |
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DEFERRED TAX LIABILITIES |
1.770 |
1.542 |
1.291 |
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TOTAL |
25.911 |
26.781 |
25.602 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.707 |
9.482 |
9.127 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.075 |
0.050 |
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DEFERREX TAX ASSETS |
0.104 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.126
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13.346 |
11.710 |
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Sundry Debtors |
10.425
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7.371 |
7.915 |
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Cash & Bank Balances |
0.231
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0.154 |
0.074 |
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Other Current Assets |
0.000
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0.066 |
0.000 |
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Loans & Advances |
1.361
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0.941 |
0.717 |
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Total
Current Assets |
26.143
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21.878 |
20.416 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.846
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4.635 |
3.971 |
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Provisions |
0.222
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0.019 |
0.020 |
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Total
Current Liabilities |
10.068
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4.654 |
3.991 |
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Net Current Assets |
16.075
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17.224 |
16.425 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
25.911 |
26.781 |
25.602 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
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Sales Turnover |
59.071 |
48.685 |
36.980 |
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Other Income |
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0.076 |
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Total Income |
59.071 |
48.685 |
37.056 |
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Profit/(Loss) Before Tax |
0.633 |
0.212 |
0.201 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
0.633 |
0.212 |
0.201 |
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Expenditures : |
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Manufacturing Expenses |
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1.052 |
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Raw Material Consumed |
NA |
NA |
24.658 |
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Increase/(Decrease) in Finished Goods |
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0.192 |
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Salaries, Wages, Bonus, etc. |
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2.477 |
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Payment to Auditors |
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0.025 |
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Interest |
1.993 |
1.972 |
1.982 |
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Insurance Expenses |
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0.164 |
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Other Expenditure |
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6.571 |
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Total Expenditure |
60.430 |
50.444 |
37.121 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.07
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0.43 |
0.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.07
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0.43 |
0.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.76
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0.67 |
0.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.02 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.31
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3.09 |
2.85 |
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Current Ratio (Current Asset/Current Liability) |
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2.60
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4.70 |
1.24 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for creation or modification of charges
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Name of the company |
MASTURLAL
FABRICHEM PRIVATE LIMITED |
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Presented By |
THE SARASWAT CO-OPERATIVE
BANK LIMITED, |
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1) Date and description of instrument creating the change |
Regarding Letter Evidencing Deposit of Title Deed dated 05.08.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.800 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Mortgage of all the property consisting of and lying, being and situated at factory, land and building situated at Plot No.19, Golden Industrial Estate, Daman belonging to the company and more particularly described in the schedule attached herewith. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
This is collateral security for cash credit, bank guarantee and L/C Limit |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat Co-operative Bank Limited |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Company’s fixed assets include Land. Building, Plant and Machinery,
Cutting Machine,. Water Borwel Account, Computers, Electrical Installations,
Air Conditioners, Office Equipments, Xerox Machines, Dot Matrix Printer, Telefax
Machine, Typewriter Machine, Furniture and Fixtures, Motor Vehicle, Scooter and
Bicycle.
Business :
To carry on the business of manufacturers of filter bags for pollution
control equipment, dealers in filter fabrics, machine cloth, colours and chemicals
and all or any of the business of jute, flex and hemp spinners and
manufacturers of cotton yarn fibres, cotton linter pulp and dealers in jute,
flex hemp, cotton, wool machinery, yarn etc and to work as merchants,
bleachers, dyers and manufacturers of bleaching and other materials and
supplier.
Website Details :
Their company is founded by their Chairman, Mr. Brijmohan Masturlal in
the year 1969, then known as Masturlal Chunilal & Company (
Mr. Brijmohan had the vision to channelise this rich (specialization)
experience into forming a dedicated Filter Media Company Masturlal Fabrichem
Private Limited, having its Corporate Office at
They also have in house quality control at all stages of production.
They are one of the largest producers of filter bags of air pollution control
equipments in
They have their well equipped manufacturing unit at
Products
Their product catalogue includes a wide range of filter fabric covering both "Non-woven" and "Woven" types.
v Woven and Non-Woven needle Felts of all fibre types
v Manufacturers of Industrial filter bags for Air Pollution Control Equipment - Dust collector bags
v Air Filter media and Filter pads for various Industries
v Filter media and filter bags for high temperature and chemically corrosive applications
v Specialized High-tech Filter media and Filter bags of Microporous PTFE Membrane laminated bags to achieve high filtration efficiency and extremely low emission
v Special chemical coated
Industry Experience
v Cement
v Iron and Steel
v Metal Smeltors – Al, Cu, Zn, Pb
v Ferro – Alloys
v Chemical Industries
v Carbon Black
v Food Processing Industries
v Air Conditioning Plants
v Automobiles
v Thermal Power Plants
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.93 |
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1 |
Rs.80.76 |
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Euro |
1 |
Rs.54.46 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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